Are the mortgage rates and terms advertised in the news media accurate?
Many times the information is not accurate. With most advertising mediums, a gap exists between
ad placements, usually a Weds. Or Thurs., and appearance date. Potentially, a
rate can still change on a Thurs. or Friday. To be useful and effective,
information must be timely. Most information borrowers get is outdated. In many
cases, you can't even take advantage of the advertised rates due to time
restraints. There is a
misconception that banks change their rates on a specific day, but most banks
can change their rates anytime according to the market. In addition, not every borrower will qualify for the rate advertised, if their credit and financial circumstances do not fit within the program's guidelines.
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